The jobless rate in Chattanooga fell last month to one of the lowest monthly rates in history after area employers added 8,722 jobs over the past 12 months, according to state employment figures released Thursday.
The Tennessee Department of Labor and Workforce Development said the 2.7% unemployment rate during February in the six-county Chattanooga area was just a tenth of a percent above Chattanooga's all-time record low jobless rate of 2.6% reached last April and was well below the comparable U.S. jobless average of 4.2% in February.
"This is yet another sign of continuing strength in our labor market, especially for the Chattanooga metro area," said Don Bruce, director of the Boyd Center for Business and Economic Research at the University of Tennessee in Knoxville. "Job growth continues to exceed expectations, pushing unemployment even further down."
In an email response to the new jobs report released Thursday, Bruce said the feared recession forecast by many last year appears to have been avoided and the tightening monetary policy by the central bank has yet to significantly impact the employment market.
"This a promising sign that the Federal Reserve's efforts to slow the economy and combat inflation by raising interest rates has not had harmful impacts on the job market,' he said. "The so-called 'soft landing' appears to be intact with these recent data."
(READ MORE: Tennessee forecast to outperform U.S.)
Among 19 counties in the Chattanooga region in Southeast Tennessee and Northwest Georgia, the nonseasonally adjusted unemployment rate last month fell from January in every county, and 17 of the 19 counties had jobless rates below the U.S. average in February. Employment grew in the six-county Chattanooga metropolitan area by nearly 3.3% over the past 12 months, comparable to the 3.5% growth in jobs for the U.S. as a whole, according to the U.S. Bureau of Labor Statistics.
Unemployment in the region was the lowest in Dade County at 2.4% last month and was highest in Bledsoe County at 4.5%.
(READ MORE: Tennesee jobless rate continues to decline)
Statewide, Tennessee's unemployment rate dropped to near record-low levels in February, falling to 3.3%. The state's all-time low seasonally adjusted unemployment rate is 3.1%, which was recorded during April, May, and June in 2023.
On Thursday, Tennessee Career Centers advertised 249,852 open jobs across Tennessee, or more than 2.5 jobs for each of the 95,616 Tennesseans who were counted as unemployed last month.
Unemployment averaged even less in Georgia, where February's statewide jobless rate was only 3.1%.
"Georgia continues to thrive, fueled by a powerhouse workforce and savvy economic investments," Georgia Labor Commissioner Bruce Thompson said Thursday. "For the past 48 months and counting, Georgia has continued to outshine the nation with low unemployment and high-quality jobs. Our regional unemployment numbers are a testament to this remarkable track record of success and Georgia's ability to drive economic opportunity across virtually every corner of the state."
Unemployment drops in February
The nonseasonally adjusted unemployment rate fell in every county across Southeast Tennessee and Northwest Georgia during February, and only Bledsoe County had a jobless rate above the U.S. average last month. The jobless rates for area counties in February were:
Dade, Georgia: 2.4%, down from 2.6% in January.
Catoosa, Georgia: 2.6%, down from 3.2% in January.
Hamilton: 2.7%, down from 3.4% in January.
Coffee: 2.7%, down from 3.4% in January.
Chattooga, Georgia: 3.4%, down from 3.6% in January.
Walker, Georgia: 2.8%, down from 3% in January.
Bradley: 2.9%, down from 3.6% in January.
Franklin: 2.9%, down from 3.6% in January.
Polk: 2.9%, down from 3.9% in January.
Gordon, Georgia: 2.9%, down from 3% in January.
Marion: 3%, down from 4.2% in January.
Sequatchie: 3.1%, down from 4% in January.
McMinn: 3.4%, down from 4.4% in January.
Van Buren: 3.4%, down from 4.5% in January.
Rhea: 3.5%, down from 4.6% in January.
Grundy: 3.5%, down from 4.4% in January.
Whitfield, Georgia: 3.5%, down from 4.3% in January.
Meigs: 4.2%, down from 5.8% in January.
Bledsoe: 4.5%, down from 5.3% in January.
Sources: Tennessee Department of Labor and Workforce Development and Georgia Department of Labor
(READ MORE: Georgia growth slows but outperforms the nation)
Contact Dave Flessner at dflessner@timesfreepress.com or 423-757-6340.